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TeachMeFinance.com - explain Public credit act historic definition... Public credit act -- On March 18, 1869, Congress pledged the faith of the United States to the payment of United States notes (greenbacks) in coin or its equivalent and to make provision at the earliest possible period for their redemption in coin. About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2007 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.